The 1918 N. High St. location opened in 1999. The restaurant had two stories and didn't feature a drive-through window or the restaurant's standard 60 parking spaces.

This year, business slumped to the point that "did not meet business goals set by our shareholders," Joe Fox, Columbus market business development manager, said in a release.

Indianapolis-based Steak n Shake (NYSE:SNS) owns and operates about 480 locations in 20 states, 64 of which are in Ohio.

While revenue at the restaurant chain is up 3.9 percent in its 2007 fiscal year to $349.4 million through the second quarter ended April 11, Steak n Shake's profit has fallen 23 percent to $10.2 million.